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Unhappy 40th Birthday, ERISA: So Much for Retirement Security
Jane White in The Huffington Post 
[Opinion] Sept. 1, 2014 "From 1974 to 2004 the percentage of Americans covered by a pension shrank from 44 percent to 17 percent ... Companies instead set up 401(k) plans, which were never intended to be a retirement plan but a supplement to an existing pension ... As a result, we are looking at a retirement catastrophe. According to the Federal Reserve Board, the median amount saved for those age 55 to 64 was $100,000 in 2010 -- or a measly annual income of $4,000, or about $77 a week." MORE >> |
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